San Diego, CA · Member since 2015 · 2 posts · 1 vote
Does anyone have experience buying and renting any of the condos in the Warehouse District of Cleveland? I'm curious about why there is such a big variance in rent and if the properties are cash flowing for you.
I've only ever purchased one single family home, so I don't have a lot of experience. On paper they seem like they would be easier to manage. I appreciate the lower maintenance, but I understand I'd be paying for much higher HOA ($800 in some cases). Rents appear to be in the 1500 - 2000 range, and the properties run ~ 100-130k for a two bedroom.
Real Estate Broker · Cleveland, OH · Member since 2015 · 255 posts · 248 votes
8y
@Matt Cannon majority of the Warehouse District buildings in Downtown Cleveland are large multi-million dollar redevelopment projects - The Bingham, Bridgeview Apartments, etc. and the neighboring Flats area is purely Class A new development.
These are made for the big developer/HOA to make the big bucks, not much room for the small investor, with all respect.
Odds are, if you land a chic and trendy unit downtown, the developer or HOA will not leave you with much room for cash flow and your mortgage payment alone on something like this is north of $1,500/mo. for $350,000.
Does anyone have experience buying and renting any of the condos in the Warehouse District of Cleveland? I'm curious about why there is such a big variance in rent and if the properties are cash flowing for you.
I've only ever purchased one single family home, so I don't have a lot of experience. On paper they seem like they would be easier to manage. I appreciate the lower maintenance, but I understand I'd be paying for much higher HOA ($800 in some cases). Rents appear to be in the 1500 - 2000 range, and the properties run ~ 100-130k for a two bedroom.
Thank you very much for any insights or guidance!
Any of the downtown units that are going to rent for $1,500+ are going to have a price point much higher than $100k-$130k. Some of the really nice condos downtown sell for well over $400k.
Real Estate Broker · Cleveland, OH · Member since 2015 · 255 posts · 248 votes
8y
@Matt Cannon majority of the Warehouse District buildings in Downtown Cleveland are large multi-million dollar redevelopment projects - The Bingham, Bridgeview Apartments, etc. and the neighboring Flats area is purely Class A new development.
These are made for the big developer/HOA to make the big bucks, not much room for the small investor, with all respect.
Odds are, if you land a chic and trendy unit downtown, the developer or HOA will not leave you with much room for cash flow and your mortgage payment alone on something like this is north of $1,500/mo. for $350,000.